The current terms and conditions of long-term debt outstanding at December 31, 2020 and 2019, are as follows:



	Interest ‎rate	Monthly ‎repayment	Maturity ‎date	2020		2019
ACOA AIF grant	0%	Royalties	—	$	2,253,595	$	2,206,208
ACOA term loan#1	0%	C$3,120	Feb 2027		181,203		184,583
ACOA term loan#2	0%	C$4,630	Sept 2029		381,451		384,100
Kubota Canada Ltd	0%	C$1,142	Jan 2025		43,925		53,533
PEI Finance term loan	4%	C$16,313	Nov 2023		2,014,321		1,766,783
First Farmers Bank & Trust	5.375%	$ 56,832	Oct 2028		4,000,000		—
Total debt				$	8,874,495	$	4,595,207
less: debt issuance costs					(86,066)		—
less: current portion					(259,939)		(163,155)
Long-term debt				$	8,528,490	$	4,432,052



Year	AIF	ACOA	FPEI	Kubota	FFBT	Total
2021		72,977	76,915	10,757	116,675	277,324
2022		72,977	80,049	10,757	482,306	646,089
2023		72,977	1,857,357	10,757	509,256	2,450,347
2024		72,977	—	10,757	537,276	621,010
2025		72,977	—	897	567,735	641,609
Thereafter	2,253,595	197,769	—	—	1,786,752	4,238,116
Total	2,253,595	562,654	2,014,321	43,925	4,000,000	8,874,495

ACOA is a Canadian government agency that provides funding to support the development of businesses and promote employment in the Atlantic region of Canada.

In January 2009, the Canadian Subsidiary was awarded an AIF grant from ACOA to provide a contribution towards the funding of a research and development project. Contributions under the grant were made through 2014 and no further funds are available. Amounts claimed by the Canadian Subsidiary must be repaid in the form of a 10% royalty on any products that are commercialized out of this research project until the loan is fully repaid. Revenue from the sale of AquAdvantage salmon are not subject to the royalty, and the Company does not expect to commercialize products that would be subject to the royalty in the next five years.

In February 2016, the Canadian Subsidiary executed an agreement with ACOA to partially finance the renovations to the Rollo Bay farm site. All available funding under the agreement was disbursed through May 2017, and no further amounts are available. The loan is being repaid over a period of nine years.

In November 2018, the Canadian Subsidiary executed a second agreement with ACOA to partially finance the renovations to the Rollo Bay site. All available funding under the agreement was disbursed through March 2019, and no further amounts are available. The loan term is nine years with a zero percent interest rate. Repayments began in January 2020.

In response to the COVID-19 pandemic, the Company was informed by Atlantic Canada Opportunities Agency (ACOA) on March 19, 2020, that all payments to the Canadian government would be deferred for three months, commencing April 1, 2020. On June 15,

2020, the Company was informed that payments would be deferred an additional three months, recommencing October 1, 2020. On October 14, 2020, the Company was informed that payments would continue to be deferred until further notice. Payments to ACOA resumed on January 1, 2021.

Kubota is a manufacturer of power equipment for the construction, agriculture, commercial, and residential industries.

In January 2018, the Canadian Subsidiary financed the purchase of equipment through a loan with Kubota. The total amount is being repaid in monthly installments. The loan is secured by the underlying equipment.

FPEI is a corporation of the Ministry of Economic Development and Tourism for Prince Edward Island, Canada, and administers business financing programs for the provincial government.

In August 2016, the Canadian Subsidiary obtained a loan from FPEI to partially finance the purchase of the assets of the former Atlantic Sea Smolt plant in Rollo Bay West on Prince Edward Island.

In 2018, the Canadian Subsidiary obtained a new loan from FPEI, which incorporates the existing loan and provides C$2.0 million ($1.5 million) of additional funds. As of December 31, 2019, C$1.7 million ($1.3 million) had been drawn down. The final C$300 thousand ($230 thousand) was drawn down on April 23, 2020. Repayment commenced in 2019. The loan has an interest rate of 4% and is collateralized by a mortgage executed by the Canadian Subsidiary, which conveys a first security interest in all of its current and acquired assets. The loan is guaranteed by the Parent.

On March 24, 2020, the Company was informed by FPEI that all payments would be deferred for three months due to the COVID-19 pandemic. Payments on the loan resumed on August 1, 2020.

On July 31, 2020, the Company’s Indiana Subsidiary obtained a $4.0 million loan from First Farmers Bank and Trust. Net proceeds were $3.9 million after deducting $90 thousand in loan costs. The loan bears interest at a rate of 5.375% for the first five years. On July 31, 2025, the interest rate resets to the then U.S. Treasury 5-year maturities rate plus 5% and remains fixed at that rate through maturity on October 1, 2028. The note requires interest only payments for the first 13 months, followed by monthly principal and interest payments of approximately $57 thousand through maturity. Proceeds from the loan may be used for the purpose of performing equipment upgrades, purchasing equipment and other improvements to the Indiana farm. The Company must comply with certain financial and non-financial covenants and at December 31, 2020, the Company was in compliance. The loan is also subject to certain prepayment penalties and is secured by the assets of the Indiana subsidiary and a guarantee by the Parent. The loan agreement requires the Company to maintain a $500 thousand minimum cash balance with the bank throughout the loan term. This amount is reflected as restricted cash on the balance sheet.

DFO is a department of the government of Canada responsible for safeguarding its waters and managing its fisheries, oceans and freshwater resources. DFO supports economic growth in the marine and fisheries sectors, and innovation in areas such as aquaculture and biotechnology.

In September 2020, the Canadian Subsidiary entered into a Contribution Agreement with DFO's Atlantic Fisheries Fund, whereby it is eligible to receive up to C$1.9 million ($1.4 million) to finance new equipment for its Rollo Bay farm. As of December 31, 2020, the Canadian Subsidiary had not drawn down any of the funds available under the agreement. Any borrowings under the agreement are interest free and monthly repayments of any borrowed amounts commence in March 2023, with maturity in September 2029.

The Company recognized interest expense in 2020 of $152 thousand (2019: $62 thousand; 2018: $22 thousand) on its interest-bearing debt.